BankHeadOffice.com         Bank Head Office Worldwide   ♦ Loan Calculators ♦ Mortgage Guides ♦ Banking FAQs ♦ Banking Institutions ♦ Central Banks Worldwide       Home  »  Central Banks Worldwide  »  Monetary Authority of Singapore Monetary Authority of Singapore The Monetary Authority of Singapore (Abbreviation: MAS; Chinese: 新加坡金融管理局) is Singapore's central bank and financial regulatory authority. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance. The MAS was set up in 1971 to oversee various monetary functions associated with banking as well as finance.   Before its establishment, monetary functions were performed by government departments and agencies. As Singapore progressed, the demands of an increasingly complex banking and monetary environment necessitated streamlining the functions to facilitate the development of a more dynamic and coherent policy on monetary matters. The MAS has been given powers to act as a banker to and financial agent of the Government. It has also been entrusted to promote monetary stability, and credit and exchange policies conducive to the growth of the economy. MAS has the exclusive right to issue banknotes and coins in the Republic of Singapore. However, unlike many other central banks like the Federal Reserve System or Bank of England, MAS does not regulate the monetary system via interest rate to influence the liquidity in the system. Instead, it chooses to do it via the foreign exchange mechanism. It does so by intervening in the SGD market. The mission of the MAS is to promote sustained non-inflationary economic growth, and a sound and progressive financial centre for the Republic of Singapore. The important functions to accomplish the missions are as follows:  • to act as the central bank of Singapore, including the conduct of monetary policy, the issuance of currency, the oversight of payment systems and serving as banker to and financial agent of the Government;  • to conduct integrated supervision of financial services and financial stability surveillance;  • to manage the official foreign reserves of Singapore; and  • to develop Singapore as an international financial centre. In achieving the objectives above, MAS commits itself to providing effective support functions through a sound banking and financial control system, appropriate information system and the development of competent and qualified staff. Monetary Authority of Singapore (MAS) HQ Address: 10 Shenton Way MAS Building Singapore 079117 Tel: +65 6225 5577 Fax: +65 6229 9229 Website: www.mas.gov.sg Email: webmaster@mas.gov.sg Currency: Singapore dollar Banking Hours: Monday - Friday 9.00am - 3.00pm   Commercial banks in Singapore are licensed under and governed by the Banking Act. Besides commercial banking, which includes deposit taking, the provision of cheque services and lending, the banks may also carry on any other business which is regulated or authorised by MAS, including financial advisory services, insurance broking and capital market services. Commercial banks operate as full banks, wholesale banks or offshore banks.   List of banks governed by the Monetary Authority of Singapore (MAS) Local banks » Bank of Singapore Limited » Far Eastern Bank Ltd » Oversea-Chinese Banking Corporation Limited (OCBC) » DBS Bank Ltd » Singapore Island Bank Limited » United Overseas Bank Limited (UOB) Foreign Full Banks » Australia & New Zealand Banking Group Limited » Citibank N.A » JP Morgan Chase Bank N.A » Bangkok Bank Public Company Limited » Citibank Singapore Limited » Malayan Banking Berhad » Bank of America N.A » Credit Agricole Corporate And Investment Bank » Mizuho Corporate Bank Ltd » Bank of China Limited » HL Bank » PT Bank Negara Indonesia (PERSERO) Tbk » Bank of East Asia Ltd » HSBC » RHB Bank Berhad » Bank of India » ICICI Bank Limited » Standard Chartered Bank » Bank of Tokyo-Mitsubishi UFJ » Indian Bank » State Bank of India » BNP Paribas » Indian Overseas Bank » Sumitomo Mitsui Banking Corporation » CIMB Bank Berhad » UCO Bank DISCLAIMER The content comes from Internet, reasonable efforts are made to maintain accuracy of information published. However, information could contain errors or inaccuracies and is presented without warranty and statutory means. No liability is assumed for errors or omissions. Viewers are advised to consult their banker or financial consultant for complete information and their professional advise. All trademarks, logos, brand names and copyrights are the property of their respective owners. © 2011 - 2022 BankHeadOffice.com ® All Rights Reserved